Laserfiche WebLink
Councilmember Gehrz then introduced the <br />• <br />following resolution and moved its adoption: <br />RESOLUTION NO. R-93-22 <br />RESOLUTION RELATING TO $1,075,000 GENERAL <br />OBLIGATION IMPROVEMENT BONDS, SERIES 1993; <br />AWARDING THE SALE, FIXING THE FORM AND DETAILS <br />AND PROVIDING FOR THE EXECUTION AND DELIVERY <br />THEREOF AND SECURITY THEREFOR AND LEVYING AD <br />VALOREM TAXES FOR THE PAYMENT THEREOF <br />BE TT RESOLVED by the City Council of the City of Falcon Heights, <br />Minnesota (the City), as follows: <br />Section 1. Recitals, Authorization and Sale of Bonds. <br />1.01. Authorization. This Council has heretofore ordered a local <br />improvement project designated as the 1993 Street Improvements (the <br />Improvement), to be constructed within the City under and pursuant to Minnesota <br />Statutes, Chapter 429. The present estimated total cost of the Improvement is as <br />• follows: <br />Estimated Project Costs ....................... $1,013,240 <br />Costs of Issuance ............................. 20,700 <br />Discount Allowance .......................... 12,900 <br />Capitalized Interest ........................... ~ 35,700 <br />Subtotal ............................... $1,082,540 <br />Less: Interest Earnings ........................ 7S4 <br />Total .................................. $1.075,000 <br />This Council hereby determines to issue and sell $1,075,000 principal amount of <br />General Obligation Improvement Bonds, Series 1993, of the City (the Bonds) to <br />defray the expense incurred and estimated to be incurred by the City in making the <br />Improvement, including every item of cost of the kinds authorized in Minnesota <br />Statutes, Section 475.65, and $12, 900 representing interest as provided in <br />Minnesota .Statutes, Section 475.56. The City has retained Ehlers and Associates, Inc. <br />to act as financial advisor to the City in connection with the issuance and sale of the <br />Bonds, and it is hereby determined to sell the Bonds without meeting the <br />requirements as to public sale under Minnesota Statutes, Section 475.60, subdivision <br />1, pursuant to the exception from such requirement contained in clause (9) of <br />Minnesota Statutes, Section 475.60, subdivision 2. <br />• 1.02. Sale of Bonds. The City has received 7 sealed bids for the <br />purchase of the Bonds. The most favorable proposal received is that of Piper <br />